The sides plan to close the deal shortly. The deal does not require permissions from the regulator. The parties have agreed not to reveal the cost, the report reads.

A source close to the deal told Itar-Tass the deal had been based on the earlier estimation of the company of $19-20 billion.

Thus, the stake may cost $4.12-4.35 billion.

“The purchase of Uralkali is a long-term investment in the company which is unique in its market position and place in the global economy,” ONEXIM director general Dmitry Razumov said. “We are sure the potash market in future will develop positively, and Uralkali as a leading producer in the world and a key player in the market has a major potential for added value. The ONEXIM Group in its turn also has big experience in managing big industrial facilities and in raising share value of public companies.”

“We are sure, with the new investor Uralkali receives additions options to develop the business,” Pavel Grachev, head of Nafta Moskva, owned by Kerimov, said commenting on the deal.